The Goldman Sachs Trading Corporation 
30 PINE STREET 
NEW YORK, N. Y. 
February 10, 1933. 
To the Stockholders of 
• THE GOLDMAN SAtlZS TRADING CORPORATION: ** 
% 
In order to reduce substantially the annual franchise tax of the Corporation and also to reduce*' 
greatly the amount of transfer stamp taxes payable under existing laws on the transfer of shares 
r 
the Board of Directors has recommended to the stockholders that the shares of stock be changed 
from no par value to the par value of $1 each and that the number of authorized shares be reduced 
from 10,000,000 shares to 7,000,000 shares (the actual amount now outstanding being 5,765,081 shares),.. 
Accordingly, in the enclosed notice of the annual meeting of the stockholders of the Corpora¬ 
tion, the stockholders are requested to authorize the steps necessary to such change an^J the 
attendant reduction of the capital. 
The proposals will not change or affect the rights or asset value of the capital stock or the 
number of shares outstanding. ' 
The proposals set forth in the notice of the meeting contemplate action similar to that re¬ 
cently taken by other companies, and the Board of Directors believes them to be in the interests 
of the Corporation and the stockholders. Stockholders are therefore urged to execute and send 
in the enclosed proxy promptly. 
A* ♦ j , r 
By Order of the Board of Directors, 
0 
m 
Walter E. Sachs, • 
President. 
